Property-management tech company Cloudbeds has finalized a data-automation agreement with STR, a CoStar Group company.
Through a data exchange from Cloudbeds to STR, users will be able to track trends in occupancy, average daily rate, revenue per available room and other metrics directly within their STR dashboard, facilitating data-driven decision-making.
“This collaboration with STR is a gamechanger for the hospitality industry," Adam Harris, CEO of Cloudbeds, said in a statement. "By integrating real-time data from Cloudbeds to STR, we are providing hoteliers with the tools they need to stay ahead of the competition, drive profitability, and enhance the guest experience.”
Key benefits of the partnership:
- Seamless data exchange: Through an API integration, Cloudbeds customers will gain direct access to STR’s market data, helping them to benchmark their hospitality performance.
- Enhanced market insights: Hoteliers can harness STR’s benchmarking data to better understand market trends.
- Data-driven decisions: The integration will help hoteliers make more informed decisions regarding operations, marketing and revenue management through real-time performance insights.
- Optimized Revenue Strategies: By utilizing comprehensive market data, hoteliers can adjust pricing strategies dynamically, capitalize on demand spikes and improve their competitive position.
The integration is available today to shared customers of STR and Cloudbeds.